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Market View

Forex Daily Outlook

Wednesday, July 8, 2020 1:29 PM GMT

EURUSD is still moving sideways without a clear bias. Indeed all MAs look bullish in the 240min timeframe but the price action is somehow confusing traders. Major resistances are the trendline (white) as well as the zone (1.138-1.14135) which is still intact. On the other hand, 200SMA and level 1.1165 are major supports. Markets are expecting the approval of the 750-billion rescue package at Thursday’s Eurogroup meeting.

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240min

GBPUSD had a great bullish run as the market is discounting positive news from the Brexit talks as well as the mini budget’s announcement by Rishi Sunak which will support the UK's jobs and economy. The pair almost touched the 76.8% Fibonacci retracement level in the 240min timeframe. Its currently testing the 20 EMA and 61.8% which acts as a support now. The bias remains bullish.

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240min

USDJPY is consolidating within a tight price zone. The 38.2% retracement level is major support that bulls need to hold it. Otherwise, it may activate a downside pressure. On the other hand, the 23.6% level acts as resistance, and bulls will gain control if the price goes above it. There is no major news from the greenback.

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240min

USDCHF is under selling pressure though it’s trying to trim losses from the lows. The resistance of 0.94325 and the upper side of the declining channel are major levels for both sides, bulls and bears. If price violates them to the upside then we may see an upward move towards 50 SMA.

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240min

Checking the ZuluTrade’s Traders Sentiment, the community is currently bullish on GBPUSD, USDJPY, and USDCHF while bearish on USDCAD.

Disclaimer

The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade.

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